Domains, such as .facebook, .newyork, .coke, etc., would be expensive for advertisers and publishers, and would also “provide the opportunity for cyber squatters to extort money from companies by registering domains in ‘bad faith,’” the report explained.
“ICANN’s potentially momentous change seems to have been made in a top-down star chamber. There appears to have been no economic impact research, no full and open stakeholder discussions, and little concern for the delicate balance of the Internet ecosystem,” Randall Rothenberg, CEO and president of IAB, stated in a press release. “This could be disastrous for the media brand owners we represent and the brand owners with which they work. We hope that ICANN will reconsider both this ill-considered decision and the process by which it was reached.”
The Association of National Advertisers has also called the plan “economically unsupportable,” and has stated that it could “cause irreparable harm and damage to its membership and the Internet business community in general” and “contravenes the legal rights of brand owners and jeopardizes the safety of consumers,” the press release stated.